- US growth robust but imbalances grow
- US job growth at 313k in February
- ECB amends policy commitment, rules out QE increase
- Neutral duration stance in both euro area and the US
- Italian BTPs ignore political stalemate

- Unpredictable Trump policy, a new risk for markets
- Rally in bonds and yen in response to heightened political tensions
- Neutral stance recommended in Bunds, T-notes
- Investors left waiting for French elections outcome